December 20, 2016 / 3:31 AM / 8 months ago

GRAINS-Wheat rebounds from eight-day low on colder U.S. weather

* Cold weather threatens some U.S. wheat production
    * Wheat touched eight-day low in previous session
    * Corn unchanged, soybeans fall for second session

    By Colin Packham
    SYDNEY, Dec 20 (Reuters) - U.S. wheat edged higher on
Tuesday, rebounding from an eight-day low touched in the
previous session, as the threat of cold weather to U.S.
production provided some support.
    Soybeans edged lower, extending losses into a second
straight session, while corn was unchanged.
    The most active wheat futures on the Chicago Board Of Trade
 rose 0.1 percent to $4.05-1/2 a bushel by 0300 GMT, after
closing down 1 percent on Monday and dropping to a low of $4.03
- the lowest since Dec. 8.
    Unfavourable weather was supportive for prices, analysts
said, but the market remained largely unconcerned.
    "The market is a bit concerned about the cold weather but
the reality is any losses in winter could be easily recouped
with some good spring rains," said Andrew Woodhouse, grains
analyst at Advance Trading Australasia.
     Since the weekend, parts of the U.S. Plains and Midwest
have experienced negative Fahrenheit temperatures, equivalent to
minus 18 degrees Celsius or lower, a level that can threaten
wheat crops depending on snow cover.
    Some reports suggest as much as 20 percent of the crop was
potentially at risk because of the cold weather. 
    The most active corn futures were unchanged at
$3.53-1/4 a bushel after closing down 0.8 percent in the
previous session.
    The most active soybean futures fell 0.2 percent to
$10.19-1/4 a bushel, having closed down 1.5 percent on Monday.
    The fall in soybeans came despite continued strong demand
for U.S. supplies.
    The U.S. Department of Agriculture through its daily export
sales reporting program announced sales of 264,000 tonnes of
U.S. soybeans to China and 128,000 tonnes of U.S. corn to Japan.
 
    
    
 Grains prices at  0300 GMT
 Contract        Last   Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat    405.50     0.50    +0.12%       -0.92%  417.12    60
 CBOT corn     353.25     0.00    +0.00%       -0.91%  355.51    57
 CBOT soy     1019.25    -2.25    -0.22%       -0.95%  1020.6    43
                                                            2  
 CBOT rice       9.44   -$0.04    -0.37%       -0.26%   $9.68    34
 WTI crude      51.92   -$0.20    -0.38%       +0.04%  $48.56    58
 Currencies                                                        
 Euro/dlr      $1.041  -$0.004    -0.37%       -0.04%              
 USD/AUD       0.7246   -0.006    -0.79%       -1.48%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Christian Schmollinger)

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